Progressive Gaming downgraded on valuation

NEW YORK (MarketWatch) -- Progressive Gaming International
pgic
was downgraded to hold from buy at Jefferies & Co. due primarily to valuation. The stock closed Thursday unchanged at $14, and had reached an 11-year high of $14.82 in intraday trading on Wednesday. Analyst Lawrence Klatzkin said that while he believes that company has a strong future ahead of itself, he can't find a reason to raise his estimates or $15 stock price target. "Unfortunately we believe there is too much speculation on Progressive receiving a radio frequency identification contract with a major casino company in the near term and is priced into the stock right now," Klatzkin said.

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